香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Johnson Electric Holdings Limited 德昌電機控股有限公司 * (在百慕達註冊成立之有限公司) (股份代號: 179) 25/26 財政年度第三季度 業務及未經審核財務資料 德昌電機控股有限公司（「德昌電機」或「本公司」，連同其附屬公司統稱「本集 團」）發出此公告，內容有關本集團截至 2025 年 12 月 31 日止九個月之業務營運及選 定之未經審核財務資料。 本公司董事會認為刊發最新季度銷售表現與國際企業披露的最佳常規一致。此公告旨 在提升透明度，並確保投資者及潛在投資者在同一時間平等地取得相同的信息。 截至 2025 年 12 月 31 日止九個月，本集團營業額為 2,726 百萬美元，對比上一財政年度 同期之 2,730 百萬美元，下跌約 4 百萬美元。期內，受惠於匯率變動，本集團營業額增 加 40 百萬美元。 汽車產品組別之銷售 截至 2025 年 12 月 31 ...

Core Viewpoint - The 2026 World Economic Forum in Davos highlighted various topics including artificial intelligence, geopolitical issues, and global markets, with U.S. President Donald Trump's speech drawing significant attention and attendance [3][4][10]. Group 1: Event Highlights - The event attracted thousands, with attendees waiting in line for hours, including notable figures such as Tim Cook, Christine Lagarde, and Ajay Banga [3][13]. - The atmosphere shifted from a policy forum to a more concert-like environment, reflecting the high-profile nature of the attendees [3][13]. Group 2: Trump's Speech Content - Trump emphasized the need for the U.S. to acquire Greenland, stating he would seek to restart negotiations for its purchase, which caused a mix of reactions among attendees [10][19]. - His speech oscillated between humor and provocation, targeting various political figures, including French President Emmanuel Macron and Canadian Prime Minister Mark Carney [4][18]. - Trump claimed to be one of the most successful presidents in U.S. history, citing achievements from his first year in office and asserting that Americans were generally supportive of him [6][16]. Group 3: Audience Reactions - The audience's response to Trump's comments on Greenland was notably tense, with some expressing discomfort at the prospect of the U.S. pursuing such a claim [10][19]. - Attendees reported mixed feelings, with some laughing at Trump's remarks while also feeling apprehensive about the potential implications of his statements [20].

Group 1 - The core issue revolves around the geopolitical tensions between the US and France, highlighted by President Trump's decision to impose a 200% tariff on French wine and champagne following Macron's rejection of a US-led peace committee invitation [1][3][5] - The tariff is seen as a strategic economic weapon, targeting France's cultural exports, particularly wine, which is a significant part of its national identity and economy [5][7] - This incident underscores the deepening rift in transatlantic relations, as the US shifts its strategic focus away from Europe, while European nations, particularly France, seek greater defense autonomy [5][9] Group 2 - The response from Europe has been notably more united, with countries like Germany, Italy, and the Netherlands expressing concern, and the EU trade commissioner hinting at potential WTO dispute procedures [7][9] - Domestically, Trump's tariff strategy faces legal challenges, with the Supreme Court set to review the constitutionality of such high tariffs on allies, raising concerns within the Republican Party about the potential for a trade war [9] - The situation represents a clash between two contrasting systems: Europe's traditional order based on rules and multilateralism versus the US's transactional, results-oriented approach, which may lead to a significant re-evaluation of international relations [9]

【环球网财经综合报道】1月22日，国际贵金属市场在周二凌晨迎来剧烈波动，黄金价格在地缘政治紧张局势和美联 储货币政策不确定性的双重推动下，首次突破每盎司4800美元大关，创下历史新高；而白银价格则在触及历史高位后 回落，呈现宽幅震荡格局。 黄金狂飙突破 4800 美元，避险需求成核心驱动力 据《环球邮报》报道，全球地缘政治形势推动下，黄金价格首次突破每盎司4800美元，铂金创纪录高位，钯金微跌， 白银价格一度触及历史高点。 分析称，白银期货合约的推出以及贵金属市场供需结构的变化是导致价格剧烈波动的原因之一。 尽管短期出现回调，但机构对白银后市依然乐观。ANZ商品策略师Soni Kumari表示："考虑到我们看到的价格动力， 白银涨至三位数看起来是可能的。"不过她也提醒投资者，价格不会单向移动，未来可能会出现价格修正，且市场波 动性可能更高。 高盛一月内两度上调目标价，看涨情绪高涨 市场分析人士指出，全球地缘政治形势的复杂变化是推动金价飙升的主要原因。RJO Futures高级市场策略师Bob Haberkorn表示："市场存在一些担心错过这波交易的风险（FOMO），鉴于全球地缘政治形势，目前黄金和白银价格 的 ...

Market Overview - The A-share market continued to rise, with Wind All A increasing by 0.57% and a trading volume of 2.62 trillion yuan [10] - The China Securities Index 1000 rose by 0.79%, the 500 Index by 1.12%, the CSI 300 by 0.09%, while the SSE 50 fell by 0.11% [10] - Recent economic adjustment policies have provided fundamental support for the indices [10] Economic Policies - The National Development and Reform Commission announced plans to establish a national-level merger fund to enhance government investment and fund layout planning [10] - There will be a comprehensive rectification of "involution" competition to further regulate local economic promotion behaviors [10] - Plans are underway to advance significant projects in high-tech industries during the 14th Five-Year Plan period [10] Monetary Policy - The central bank lowered the interest rates of various structural monetary policy tools by 25 basis points [10] - This rate cut aims to provide targeted financial support for specific sectors, including technological innovation, inclusive elderly care, and carbon reduction [10] - The recent adjustment in margin requirements for financing securities from 80% to 100% indicates increased risk aversion in the market [10] Market Trends - The current bull market is driven by breakthroughs in technology themes and strategic resource procurement amid geopolitical uncertainties [10] - The long-term outlook suggests that the influences driving the market are not yet over, with a low risk of significant index declines [10] Bond Market - The 30-year bond futures rose by 0.75%, while the 10-year, 5-year, and 2-year bonds saw minor fluctuations [11] - The central bank conducted a 7-day reverse repurchase operation of 363.5 billion yuan at a rate of 1.4% [11] - The bond market is expected to continue its oscillation due to stable economic conditions and rising prices [11] Precious Metals - Gold prices experienced a pullback after reaching a high, while silver and platinum-palladium showed weakness [12] - The gold-silver ratio increased to approximately 52.3, with the platinum-palladium price spread widening to around 620 USD/oz [12] - Geopolitical factors continue to support gold prices, with upcoming Federal Reserve meetings likely to be a focal point for market attention [12]

Group 1 - The World Economic Forum in Davos has attracted global attention, with around 400 political leaders and 1,700 business leaders in attendance, focusing on geopolitical issues, trade tariffs, and technology [2][6]. - President Trump is set to discuss the Greenland dispute during his delayed arrival at the forum, which was caused by a malfunction of his presidential aircraft [3][4]. - Trump's recent announcement of a 10% tariff on eight European countries and a 200% tariff on French wine and champagne has cast a shadow over the forum, indicating escalating trade tensions [7][12]. Group 2 - U.S. Treasury Secretary Mnuchin has urged allies to adhere to trade agreements and dismissed concerns about potential sell-offs of U.S. debt by Europe as unfounded [10][12]. - French President Macron criticized the U.S. for attempting to weaken Europe and emphasized the need for multilateral cooperation against imperial ambitions [16][17]. - Canadian Prime Minister Carney warned that the post-World War II rules-based international order is under threat, calling for middle powers to unite against hegemonic pressures [21][26][29]. Group 3 - U.S. and Russian representatives held a constructive two-hour meeting in Davos to discuss a peace plan for Ukraine, indicating a potential shift in diplomatic relations [30][31]. - The discussions included U.S. special envoy Kushner and Russian representative Dmitriev, highlighting a mutual interest in achieving a diplomatic resolution [30][33].

Summary of Key Points from Conference Call Records Industry and Company Involvement - The discussion primarily revolves around the geopolitical implications of the U.S. interest in Greenland, the economic situation in Japan, and the impact of overseas market volatility on China’s investment landscape. Core Insights and Arguments - **U.S. Interest in Greenland**: The U.S. government's interest in Greenland is driven by its strategic location and rich resources, including rare earth elements and oil. Despite Denmark's refusal to sell, the U.S. may exert pressure through tariffs, posing a potential threat to the European economy [1][2][4]. - **Japan's Political Moves**: Japanese Prime Minister Sanna Marin's dissolution of the House of Representatives aims to break the legislative deadlock and push through fiscal plans. However, challenges arise from the Komeito party's opposition and competition from other political parties, leading to uncertainty in election outcomes [1][5]. - **U.S. Asset Performance**: The U.S. assets are showing signs of losing their safe-haven status, with a weakening dollar and rising U.S. Treasury yields. Danish pension funds are reducing their U.S. debt holdings, and the EU is considering using U.S. debt as a financial weapon, increasing outflow pressures [1][6]. - **Impact on Chinese Investors**: Overseas market volatility poses short-term risks for Chinese investors, particularly due to potential geopolitical tensions. The upcoming U.S. midterm elections may exacerbate market fluctuations, necessitating close monitoring and strategic adjustments [1][7][9]. - **2026 U.S. Economic Outlook**: The U.S. economy's volatility in 2026 is expected to be influenced by political maneuvering between the ruling and opposition parties, with fiscal stimulus measures and counteractions leading to increased market instability. Historical precedents from 2002 and 2008 highlight similar patterns [1][8]. Other Important but Potentially Overlooked Content - **Long-term Stability of Chinese Capital Markets**: Despite short-term pressures, China's capital markets exhibit stability and a potential safe-haven characteristic. The recovery of investor confidence is reflected in the appreciation of the RMB and the performance of value assets, suggesting a favorable long-term outlook as Europe may increasingly align with China [1][3][10].

新高之后，黄金何去何从 - 联合解读会议 20260121 摘要 最近一段时间，地缘政治因素叠加，使得贵金属黄金价格不断上行，创出新高。 从宏观角度来看，黄金一直是我们持续关注并提示机会的资产。我们在过去几 年发布了一系列报告，从不同角度探讨黄金的供需关系和上涨机会。例如， 2020 年的《全球大放水会如何收场》、2021 年的《无用方为大用》、2023 年的《去美元化的黄金机遇》以及 2024 年和 2025 年的相关报告。这些报告 构成了我们持续推荐黄金的重要依据。 近年来，我们发现传统衡量黄金价值的 方法，如避险属性、美联储放水等，在长期解释力上有所不足。因此，我们回 归到供需基本面进行分析。在供给相对稳定的情况下，需求方面出现了显著增 量。居民通过 ETF 购买黄金，以及各国央行持续购金，是推动金价上涨的重要 因素。特别是在地缘政治波动加剧的背景下，具有避险属性的资产如黄金，其 需求进一步增加。 黄金市场未来趋势如何？ 从长期来看，黄金市场仍然具有很高的确定性。中国外汇储备中黄金占比已从 之前的一点几上升至接近 6%，但与全球平均水平 15%以上相比仍有较大差距， 这意味着央行购金需求尚未结束。在当前 ...

1. Report Industry Investment Ratings - Gold: Long - term holding ★★ [1] - Silver: Long - term holding ★★ [1] - Copper: Long - term holding ★ [1] - Zinc: Rebound under pressure ★ [1] - Lead: Weak ★ [1] - Tin: Rebound under pressure ★ [1] - Aluminum: Rebound under pressure ★ [1] - Nickel: Rebound under pressure ★ [1] - Industrial silicon: Rebound ★ [1] - Polysilicon: Rebound ★ [1] - Lithium carbonate: Cautiously bullish ★ [1] 2. Core Views of the Report - Geopolitical issues such as Trump's statements and European geopolitical problems, as well as the Fed's independence, affect the prices of precious metals. Gold and silver have long - term investment value, while short - term fluctuations are affected by various events. Copper has long - term potential due to supply shortages and green demand, but is currently affected by the off - season and inventory accumulation. Zinc, aluminum, tin, and nickel are under short - term pressure due to factors like supply - demand imbalances and off - season consumption. Industrial silicon and polysilicon may have short - term rebounds. Lithium carbonate is cautiously bullish due to supply - side disturbances [1][6][7]. 3. Summaries by Related Catalogs Gold and Silver - **Key Data**: SHFE gold rose 3.85% to 1092.3, COMEX gold rose 1.41% to 4836. SHFE silver fell 0.25% to 23131, COMEX silver fell 1.59% to 93. The gold - silver ratio increased. Gold ETF decreased by 4 tons to 1077.66 tons, and gold COMEX net long increased by 23606 to 251238. Silver ETF decreased by 56 tons to 16166 tons, and silver COMEX net long increased by 2789 to 32060 [2]. - **Market Situation**: Trump's inconsistent statements led to a short - term decline in gold after reaching a new high, and silver once tumbled nearly 5%. Poland's central bank plans to buy up to 150 tons of gold. The long - term logic for gold and silver remains bullish, with short - term support at 1040 for domestic gold and 21000 for domestic silver [2][3][4]. Copper - **Key Data**: The closing price of SHFE copper main contract was flat at 100420 yuan/ton, LME copper fell 0.27% to 12762 dollars/ton. The trading volume of SHFE copper main contract increased by 31%, and the inventory increased significantly. The social inventory increased by 0.85 million tons to 32.94 million tons [5]. - **Market Situation**: BHP slightly increased its 2026 fiscal - year copper production guidance. In December 2025, refined copper imports decreased. Copper is in short - term high - level consolidation, and the long - term supply - demand logic remains positive. However, it is currently the off - season, and inventory accumulation is obvious. It is recommended to take profits for existing long positions and wait for a full correction for new entries. The short - term range for SHFE copper is [99000, 102000] yuan/ton, and for LME copper is [12500, 13000] dollars/ton [6][7]. Zinc - **Key Data**: The closing price of SHFE zinc main contract rose 0.43% to 24300 yuan/ton, LME zinc was flat at 3175 dollars/ton. The trading volume increased by 2.12%, and the inventory increased by 6518 tons on a weekly basis [8]. - **Market Situation**: In 2026, global zinc ore supply may shrink, and domestic new mine production is uncertain. Refined zinc production in December decreased, and downstream demand is weak during the off - season. It is recommended to wait for more macro - level guidance and for enterprises to actively arrange selling hedging. The range for SHFE zinc is [24000, 24500] yuan/ton, and for LME zinc is [3150, 3200] dollars/ton [9][10]. Aluminum - **Key Data**: The closing price of LME aluminum fell 0.03% to 3117.5 dollars/ton, SHFE aluminum rose 0.86% to 24155 yuan/ton. LME aluminum inventory increased by 5.01% to 507175 tons, and SHFE aluminum inventory increased by 29.24% to 185879 tons on a weekly basis [11]. - **Market Situation**: In 2026, the Fed's interest - rate cut expectation continues. An electrolytic aluminum project in Inner Mongolia was put into production, and inventory increased. The downstream start - up rate is differentiated. Alumina production capacity is high, and the market surplus continues. It is recommended to take profits and wait and see, with the main operation range of [23000 - 25000] yuan/ton [13][14]. Nickel - **Key Data**: The closing price of LME nickel rose 1.21% to 17975 dollars/ton, SHFE nickel rose 1.14% to 143170 yuan/ton. Stainless steel main contract rose 2.61% to 14720 yuan/ton. SMM pure nickel social inventory increased by 4.04% to 63510 tons, and SMM stainless steel social inventory decreased by 1.28% to 843700 tons [15]. - **Market Situation**: In 2026, the Fed's interest - rate cut expectation continues. Indonesia significantly reduced its 2026 nickel ore production target, and some mines may face fines. Domestic pure nickel inventory increased, and the stainless steel market is in the off - season. It is recommended to take profits and wait and see, paying attention to Indonesian policies and stainless steel inventory changes, with the main operation range of [133000 - 151000] yuan/ton [17][18]. Lithium Carbonate - **Key Data**: The main contract LC2605 rose 3.89% to 166740 yuan/ton, and the trading volume increased. Spot prices of lithium - related products generally rose, and the weekly production of lithium carbonate decreased by 2.82% to 24510 tons, while the inventory decreased by 0.24% to 109679 tons [19]. - **Market Situation**: Affected by the news of canceling the export tax rebate for lithium batteries, it rose for two consecutive days, but then回调 due to the decline of the non - ferrous metal sector and the exchange's position - limit measures. The upstream lithium salt plants have high production enthusiasm, and the new energy vehicle market is in the off - season. The price is expected to fluctuate in the range of [164000 - 175000] yuan/ton [21][22].

Core Viewpoint - The market continues to consolidate with a focus on stability following the release of macroeconomic data by the National Bureau of Statistics for Q4 and the entire year, while geopolitical tensions abroad lead to volatility in capital markets [1] Market Performance - The A-share market shows strong performance in the precious metals sector, driven by rising risk aversion and increasing prices of precious metals [1] - Short-term market sentiment remains positive, with investors holding high expectations for the stock market in 2026, indicating a strong consolidation phase [1] Sector Highlights - Strong performances are noted in sectors such as non-ferrous metals, electronic components (CPO), and machinery equipment [1] - Significant trading volume increases in the Shanghai Stock Exchange 50 and CSI 300 ETFs suggest a shift and adjustment in asset allocation by some investment institutions, impacting the performance of related sectors like banking and coal [1] Market Outlook - The short-term market is expected to experience strong consolidation, while the medium-term trend is anticipated to stabilize and rise [1] - Attention is drawn to changes in overseas factors, as well as shifts in A-share trading volume and sector hotspots [1]